Kirloskar Oil to sell auto components biz for Rs 90 cr

PTI|

Apr 30, 2008, 07.43 PM IST

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MUMBAI: Kirloskar Oil Engines today said it will sell its valves division of its auto components business to Eaton Industrial Systems for Rs 90 crore.

The company has entered into a sale agreement with Eaton Industrial Systems and US-based Eaton Corporation to hive off the valves division of its auto components business at Nashik and Ahmednagar for a consideration of up to Rs 90 crore.

The agreement is subject to approval of the shareholders, the company said in a filing to the Bombay Stock Exchange.

The board of directors have also consented to the conduct of a postal ballot for seeking approval of the shareholders for the aforesaid hive off.